Lithium part of the mix for IGO's battery materials pivot

WHEN Independence Group (IGO) floated as a tiny explorer in early 2002 it had a big ambition to become a diversified mid-tier miner, writes Barry FitzGerald.

Lithium part of the mix for IGO's battery materials pivot Lithium part of the mix for IGO's battery materials pivot Lithium part of the mix for IGO's battery materials pivot Lithium part of the mix for IGO's battery materials pivot Lithium part of the mix for IGO's battery materials pivot

Peter Bradford at Nova

It made a good fist of it too through exploration success and merger and acquisition activity over ensuing years. But the A$1.8 billion acquisition of the Nova nickel-copper-cobalt project by taking over Sirius Resources in 2015 changed things.

Nova was a world-class project and made everything else accumulated since 2002 look second rate, with the only exception being IGO's 30% non-managed stake in what remains as one of Australia's best gold discoveries in the modern era, the AngloGold Ashanti-managed and 70% owned Tropicana  project.

The subsequent development of Nova and its bedding down in to steady state operation prompted a hard-nosed assessment of the value of hanging on to the second rate assets.

It's why the advanced but undeveloped Stockman cop...